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Met 100 Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

 

Met 100 Plan
 
Met 100 Plan is a Whole Life Plan which is available with and without Bonus. Thus, it is a Participating as well as Non-Participating Traditional Plan depending on the option chosen by the customer.
 
How it works – In this plan, premium needs to be paid for a period of 15, 20 or 25 years as selected but the policy continues whole life or till age 99 of the Life Insured. Thus, this is a Limited Payment Policy.
 
This policy continues till age 99 or till death of the Life Insured. On survival till 99 years of age, the entire Sum Assured is paid to the policyholder as Maturity Benefit and the policy terminates. However, if the Life Insured dies within the Policy Tenure, the nominee would get 100% of the Sum Assured as Death Benefit and the policy terminates.
 
This policy has 4 additional rider benefits- Accidental Death Benefit, Waiver of Premium in case of Total and Permanent Disability, Critical Illness and Term Rider.
 
 
Key Features of Met 100 Insurance Plan
 
  • It is a Whole Life Plan with and without Bonus facility
  • In this plan, premium needs to be paid for 15, 20 or 25 years while the policy continues till death or 99 years of age, whichever is earlier
  • The Sum Assured is paid on Policy Maturity or on earlier Death of the Life Insured
  • This policy has 4 additional rider benefits
 
 
Benefits you get from Met 100 Insurance Policy
 
Death Benefit – In case of death of the Life Insured within the Policy Tenure, the nominee gets 100% of the Sum Assured and the policy terminates.
 
Maturity Benefit – On survival till the end of the Policy Tenure, i.e. till age 99 years, 100% of the Sum Assured is paid as Maturity Benefit and the policy terminates.
 
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.
 
 
Eligibility conditions and other restrictions in Met 100 Plan
 

 

 
Minimum
Maximum
Sum Assured (in Rs.)
50,000
No Limit
Policy Term (in years)
99 – Age at Entry
Premium Payment Term (in years)
15, 20
25
Entry Age of Life Insured (in years)
0
70 for PPT=15
65 for PPT=20
60 for PPT=25
Age at Maturity (in years)
-
99
Annual Premium (in Rs.)
2,500 for Ages>=15
1,000 for Ages<15
No Limit
Payment modes
Yearly, Half-Yearly, Quarterly and Monthly
 
 
Sample illustration of Premium Amount in Met 100 Plan
 

The below illustration is for a healthy Male (non-tobacco user) of opting for a Sum Assured of Rs. 10,00,000 and Premium Paying Term of 25 years.

 

Met 100 Plan Sample Premiums

 

Additional Features and Benefits of Met 100 Plan
 
Riders – There are 4 Additional Riders in this plan:
  1. Accidental Death Benefit
  2. Waiver of Premium in case of Total and Permanent Disability
  3. Critical Illness
  4. Term Rider
 
 
What happens if?
 
You stop paying the premium - If the policy holder stops paying the premium, then all benefits of the policy will cease after the policy lapses. It can be re-instated within 3 years of lapsation by paying up all due premiums with interest. However, the discretion of revival lies with the Insurer. The policy acquires a Paid Up Value after completion of 3 policy years.
 
You want to surrender the policy – There are Surrender Benefits in this plan after 3 policy years.
 
You want a loan against your policy – Loan facility is not provided under this policy.


 

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